Ethereum News: The crypto market is currently in an uptrend and most cryptocurrencies seem to have formed a persistent uptrend. Ethereum, the leader of altcoins, is also experiencing a strong increase in price as it tends to hold key levels on its long-term chart.
Consolidation or rise?
Ethereum price is currently moving along a very important path. Two scenarios appear at play: one could push the asset towards consolidation, and the other could cause a strong rise in the crypto price.
ETH’s daily chart shows the price floating below the $3,013 resistance. The crypto asset seems to be heading to the upside as ETH last changed hands at $2,820. If ETH can successfully break above $2,836, it could start a fresh upward move, forming an ascending channel. However, if it cannot reach the resistance level, it can move horizontally.
The 50 Moving Average is observed to be parallel to the crypto price. The current value of the coin coincides with the MA. If the price breaks above the MA, we may see an upward volatility. At this point, it should be noted that despite the increase in value, the volume did not increase.
The chart above shows a downtrend in volume while the price is in an uptrend. The Visible Range Indicator also confirms that the price level in question is not seeing much trading activity as the plotted histogram remains low. The low volume and trading at this price level suggests that a downtrend is possible in the short term.
Long-term momentum is building, especially as the Directional Movement Index hints at upside pressure. -DI is about to pass under +DI. This is an important sign as -DI has remained dominant since ETH started to recover from the May 19 drop.
The Ethereum market is currently in an enigma. The volatility of the market is noticeable, but the volume does not support the price. As the price moves towards the resistance level, the market will decide between a surge and a possible correction.